AMPH
Amphastar Pharmaceuticals, Inc.
AMPH offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
LLY
Eli Lilly and Company
LLY has the edge over AMPH overall, supported by stronger fundamentals and stronger modeled upside.
AMPH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Stable |
AMPH's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
LLY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Healthy |
LLY's revenue, profitability, cash flow and balance sheet are all currently healthy.
AMPH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 8.9x | $28.87 | — |
| Cheap | 12x | $25.21 | -13% |
| Current | 13x | $28.87 | — |
| Fair | 19x | $40.83 | +41% |
| Expensive | 89x | $196 | +578% |
Historical ranges are pointers, not guarantees.
AMPH has the edge over LLY in the historical PE scenario, which offers more potential upside but is not a forecast.
LLY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 27x | $845 | -41% |
| Forward | 30x | $1,427 | — |
| Current | 46x | $1,427 | — |
| Fair | 48x | $1,466 | +2.7% |
| Expensive | 85x | $2,612 | +83% |
Historical ranges are pointers, not guarantees.
LLY's PE is in its fair range at 46x. If earnings grow as analysts expect, today's price would be 30x next year's earnings, in its cheap range.
AMPH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for AMPH, with profitability holding steady. However, they disagree widely on these estimates.
LLY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
LLY has the edge over AMPH on the outlook, with more favorable profitability expectations.
AMPH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.26 | +49% |
| Q3 2026 | $2.19 | -3.1% |
| Q2 2026 | $1.69 | -37% |
| Q1 2026 | $1.66 | -40% |
| Q4 2025 | $2.03 | -34% |
| Q3 2025 | $2.26 | -25% |
| Q2 2025 | $2.67 | -15% |
| Q1 2025 | $2.76 | -5.2% |
| Q4 2024 | $3.06 | +18% |
AMPH's earnings per share have fallen from their peak: $2.19 over the past year, against $3.15 in mid-2024.
LLY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $46.83 | +52% |
| Q3 2026 | $30.81 | +51% |
| Q2 2026 | $29.80 | +95% |
| Q1 2026 | $28.15 | +129% |
| Q4 2025 | $22.95 | +96% |
| Q3 2025 | $20.44 | +121% |
| Q2 2025 | $15.30 | +88% |
| Q1 2025 | $12.29 | +81% |
| Q4 2024 | $11.71 | +102% |
LLY has the edge over AMPH on earnings, with more consistent year-over-year improvement.
AMPH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $207.6M | +8.2% |
| Q2 2026 | $183.9M | +5.4% |
| Q1 2026 | $171.2M | +0.4% |
| Q4 2025 | $183.1M | -1.8% |
| Q3 2025 | $191.8M | +0.3% |
| Q2 2025 | $174.4M | -4.4% |
| Q1 2025 | $170.5M | -0.8% |
| Q4 2024 | $186.5M | +4.7% |
AMPH's revenue grew through 2024 and has held roughly level since: $208M last quarter, up 8.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 24% | +11 points |
| Q2 2026 | 22% | -2.6 points |
| Q1 2026 | 8% | -14 points |
| Q4 2025 | 19% | -4.8 points |
| Q3 2025 | 13% | -17 points |
| Q2 2025 | 24% | -6.1 points |
| Q1 2025 | 22% | -6.1 points |
| Q4 2024 | 24% | -6.1 points |
AMPH's operating margin was 24% last quarter, up 11 points from the same quarter a year ago.
LLY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $24.4B | +39% |
| Q2 2026 | $23B | +48% |
| Q1 2026 | $19.8B | +56% |
| Q4 2025 | $19.3B | +43% |
| Q3 2025 | $17.6B | +54% |
| Q2 2025 | $15.6B | +38% |
| Q1 2025 | $12.7B | +45% |
| Q4 2024 | $13.5B | +45% |
LLY has the edge over AMPH on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 34% | -6.6 points |
| Q2 2026 | 40% | -3.3 points |
| Q1 2026 | 45% | +18 points |
| Q4 2025 | 43% | +5.6 points |
| Q3 2025 | 41% | +27 points |
| Q2 2025 | 44% | +12 points |
| Q1 2025 | 27% | -1.8 points |
| Q4 2024 | 37% | +10 points |
LLY has the edge over AMPH on profitability, with a higher operating margin.
AMPH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $33.4M | -29% |
| Q2 2026 | $42.7M | +71% |
| Q1 2026 | $38.3M | +57% |
| Q4 2025 | $24.6M | +48% |
| Q3 2025 | $47.2M | +2.3% |
| Q2 2025 | $25M | -60% |
| Q1 2025 | $24.4M | -48% |
| Q4 2024 | $16.6M | +15% |
AMPH generated $139M in free cash flow over the past year, up 23% from the year before.
LLY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $8.2B | +22% |
| Q2 2026 | $7.8B | +458% |
| Q1 2026 | $3B | +1826% |
| Q4 2025 | $677.9M | -31% |
| Q3 2025 | $6.7B | +186% |
| Q2 2025 | $1.4B | +476% |
| Q1 2025 | $156.1M | -13% |
| Q4 2024 | $977.8M | +$2.4B |
LLY has the edge over AMPH on cash flow, with more consistent year-over-year improvement.
AMPH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.9% | -848K shares |
| 1 year | -9% | -4.3M shares |
| 3 years | -20% | -10.5M shares |
| 5 years | -13% | -6.6M shares |
| Available history | -7.4% | -3.5M shares |
AMPH has the edge over LLY on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $438,000 |
| Q2 2026 | $45.2M |
| Q1 2026 | $29.5M |
| Q4 2025 | $20.5M |
| Q3 2025 | $4.9M |
| Q2 2025 | $39.2M |
| Q1 2025 | $11M |
| Q4 2024 | $42M |
AMPH spent $96M buying back its own shares over the past year, down 1.5% from the year before.
LLY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -300K shares |
| 1 year | -0.6% | -5.4M shares |
| 3 years | -0.7% | -6.4M shares |
| 5 years | -1.9% | -17.4M shares |
| Available history | -4.5% | -42.3M shares |
LLY has 893M diluted shares, down 0.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $377M |
| Q2 2026 | $1.6B |
| Q1 2026 | $2.4B |
| Q4 2025 | $1.5B |
| Q3 2025 | $708.1M |
| Q2 2025 | $692.2M |
| Q1 2025 | $1.2B |
| Q4 2024 | $2.1B |
LLY spent $5.8B buying back its own shares over the past year, up 26% from the year before.
AMPH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.1x | Moderate |
| Q2 2026 | 2.3x | Moderate |
| Q1 2026 | 2.5x | Moderate |
| Q4 2025 | 2.3x | Moderate |
| Q3 2025 | 1.9x | Healthy |
| Q2 2025 | 1.8x | Healthy |
| Q1 2025 | 1.8x | Healthy |
| Q4 2024 | 1.9x | Healthy |
AMPH's net debt is about 2.1 years of its operating earnings (EBITDA), up from 1.9 years a year ago.
LLY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.2x | Healthy |
| Q2 2026 | 1.3x | Healthy |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 1.3x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 2.0x | Healthy |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 2.1x | Moderate |
LLY has the edge over AMPH on leverage, with a lower net debt burden relative to earnings.
AMPH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 67.2 | Neutral |
| Stochastic | 86.2 | Overbought |
AMPH's weekly RSI is 67 (neutral) and its Stochastic is 86 (overbought).
LLY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 68.3 | Neutral |
| Stochastic | 84.1 | Overbought |
LLY's weekly RSI is 68 (neutral) and its Stochastic is 84 (overbought).
AMPH PE vs Healthcare Sector
| Metric | AMPH | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 26x | 49% below |
| PE % | 25 | 29 | 4 pts below |
AMPH has the edge over LLY on valuation relative to its sector.
LLY PE vs Healthcare Sector
| Metric | LLY | Sector median | Relative |
|---|---|---|---|
| PE | 46x | 26x | 79% above |
| PE % | 48 | 29 | 19 pts above |
LLY is trading at 46x earnings, a 79% premium to the Healthcare sector's median of 26x.
AMPH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $26.8 | 7.8% above |
| 20 week MA | $23.4 | 24% above |
| 50 week MA | $23.0 | 26% above |
| 100 week MA | $25.3 | 14% above |
| 200 week MA | $35.8 | 19% below |
AMPH has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 19% below its 200-week average.
LLY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,279.4 | 12% above |
| 20 week MA | $1,218.8 | 17% above |
| 50 week MA | $1,102.2 | 29% above |
| 100 week MA | $954.1 | 50% above |
| 200 week MA | $797.5 | 79% above |
LLY has the edge over AMPH on trend strength, trading above more of its moving averages.
AMPH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $19.2 | $19.1 | -0.3% |
| 2021 | $19.1 | $22.6 | +18% |
| 2022 | $22.6 | $28.7 | +27% |
| 2023 | $28.7 | $61.9 | +116% |
| 2024 | $61.9 | $37.8 | -39% |
| 2025 | $37.8 | $27.1 | -28% |
| 2026 YTD | $27.1 | $28.9 | +6.5% |
AMPH has finished lower in three of the last six years. It's up 6.5% so far in 2026.
LLY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $131.5 | $166.7 | +27% |
| 2021 | $166.7 | $273.1 | +64% |
| 2022 | $273.1 | $367.9 | +35% |
| 2023 | $367.9 | $582.9 | +58% |
| 2024 | $582.9 | $783.2 | +34% |
| 2025 | $783.2 | $1,077.8 | +38% |
| 2026 YTD | $1,077.8 | $1,427.3 | +32% |
LLY has the edge over AMPH on returns for 2026, with the stronger performance.